Pakistan’s current account balance recorded a surplus of $75 million in August 2024, marking a positive shift after three consecutive months of deficits. The State Bank of Pakistan (SBP) released the data on Wednesday, highlighting this financial turnaround.

For the first two months of the fiscal year 2025 (2MFY25), the current account remains at a deficit of $171 million, which is an 81 percent reduction compared to the same period last year.

According to Topline Securities, the improvement in the current account is largely attributed to a significant increase in remittances, which reached $2.9 billion in August, up 40 percent year-on-year. For the first two months of FY25, remittances have risen by 44 percent compared to the previous year.